What is Healthcare Tech?

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Healthcare tech refers to technology-enabled products and services in healthcare. Distinct from medical devices and diagnostics, healthcare tech focuses on facilitating and enabling healthcare functions. Healthcare tech is a vast, hyper-fragmented field. Individual companies may serve a specific vertical, such as pharmaceuticals, medical technology, providers, or regulators, in a portion of that vertical’s value chain. In that context, individual companies usually fulfill a specific need—for example, digitizing core processes, providing digital health solutions or analyzing existing data.

Healthcare tech companies can provide or facilitate anything from electronic medical records, clinical-trial management software, accurate and efficient data collection, revenue analysis, etc.

Non-tech healthcare companies can sometimes have technological components that bolster their core (nontechnological) services or products. For instance, some companies provide services and products to support pharma companies’ medical affairs functions, which often come with a software tool such as a workflow-management tool for publications.

Understand why a particular technology may be an important tool. What can a specific technology do that would make it potent in accomplishing a goal? A health system should be able to state in one or two sentences the core potential contribution of a technology.

For example:

Applying artificial intelligence to electronic-health-records data may enable to quickly and efficiently identify differences in the effectiveness of various treatments.

Artificial intelligence-based bots that recognize emotions and cultural expressions may enable us to provide a richer call-center experience to our patients who have questions about their health or recent bills.

Artificial intelligence would allow physicians to perform routine exams based on previous diagnosis and procedures. 

The statement of capabilities that implementing technology can have helps leadership understand why the technology might be important as well as appreciate the full range of potential uses: recognizing patterns in data such as tracking medication, hospitalizations and more. A truly potent technology will spread beyond its initial application.

Choose suppliers wisely. Once you’ve decided that a shiny object is worth pursuing, it’s time to sort through the many vendors who’d love to sell you their particular version of it.

When it comes to software’s and platforms make sure to ask the vendor how their product can help your organization and what have already done for organizations like yours.

Also, make sure that the vendor supplies training and interactive learning that would allow your staff to use the tool to its full potential.

Digital transformation does not always require hours of training or a stop on performance. Technology means adapting to times, improve performance and moving ahead to the future. 

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